NC Bank Uganda Limited (NC Bank) and Commercial Bank of Africa Uganda have been given the greenlight to merge their businesses by the Bank of Uganda. The merger will create an enterprise with an asset base of Ksh 15.5 Billion (UGSh548B), as of March 31, 2020.
The proposed amalgamation between the two banks follows the merger between Commercial Bank of Africa Ltd and NIC Group Plc in Kenya and the subsequent launch of NCBA Group PLC.
Discussions about the union were first disclosed on 6th December 2018 by the respective Boards of NC Bank and CBA Uganda. In April 2019, shareholders of both banks approved the merger.
Sam Ntulume, NC Bank’s Managing Director said that they aim to finalize the harmonization of the systems by the end of the third quarter of 2020 to enable customers to enjoy seamless services across Uganda.
Similar business integrations have been effected in Kenya, Tanzania, and Rwanda.